Challenges of Contemporary Economics


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Volume 13 (2019) Volume 12 (2018) Volume 11 (2017) Volume 10 (2016) Volume 9 (2015) Volume 8 (2014) Volume 7 (2013) Volume 6 (2012) Volume 5 (2011) Volume 4 (2010) Volume 3 (2009) Volume 2 (2008) Volume 1 (2007)

Volume 1 Issue 1 (2007)

Finance of the Municipal Sector in Comparison with Public Finance of the European Union Countries original article

pp. 5-15 | First published in 27 March 2007 | DOI:

Agnieszka Alińska


The general financial situation of municipal government in the EuropeanUnion countries seems to be very good. The dynamics of tax income value growthachieved by local and regional authorities considerably exceed the figures characterizingthe all public sector. Moreover, municipal authorities at the local and regionallevel are a leading public investor in many EU countries, they finance69,3% of all public investments in average in all EU. Besides the value of theirbudget deficits, at the level of 0,2% GDP, and also their share in values of the nationaldebt at the level of 5,8% GDP the European Union can be qualified as safehaving no negative impact on getting positive economic effects in many countriesof the European Union.

The Shadow Economy – the Polish Perspective original article

pp. 17-28 | First published in 27 March 2007 | DOI:

Grzegorz Gołębiowski


The article deals with the phenomenon of the so called "grey", "shadow" or"twilight" economy, which has been assessed here as a function of a given mix ofeconomic policies. This key concept is first defined, then analyzed through theprism of its driving/growth factors. The analysis contains quantitative data illustratingthe scale of such factors in Poland (alongside international comparisons).Having catalogued the principal reasons for the prevalence of îshadow economicsî,the article endeavors to demonstrate the ramifications of economic activitybeing undertaken in the îtwilight zoneî. Such ramifications are likely to beof a positive and negative nature, however, the latter tend to be - by far - morestriking. The phenomenon has been viewed against a backdrop of the Polish economicframework, notably symptoms of over-regulation vis-à-vis the general businessenvironment, with particular references to over-fiscals. The analysis formulatespolicy orientated conclusions relating to specific areas where reform needbe initiated/advanced as well asdirections for further research findings in respectof the "shadow economy".

Common Problems of Mortgage Banking Development in Poland original article

pp. 29-38 | First published in 27 March 2007 | DOI:

Anna Szelągowska, Mariusz Marlęga


In many countries the mortgage banking plays a basic role in the housingfunding. The Polish model of the housing funding in large measure grounded onbanking loans. However, more than 95% of mortgage loans come from universalbanks. Mortgage banks, which have existed in the Polish economy for 10 yearsstill play a small role in housing funding.

Regulations of Creating and Functioning Complex Capital Structures original article

pp. 39-51 | First published in 27 March 2007 | DOI:

Danuta Kozłowska-Mak


In the developed market economy, the complex capital structures are the substantialmethod of an economic cooperation between companies, both in terms ofindividual countries and across the world. Therefore, it is essential for particularcountries to adopt similar solutions into their national regulations which wouldclearly and accurately standardize the issues of capital groupsí activity. This paperpresents the problem of regulations pertaining to the creation and functioningof complex capital structures and their evaluation.

Success Factors of the Companies Mergers and Acquisitions original article

pp. 53-70 | First published in 27 March 2007 | DOI:

Maria Sierpińska, Robert Bąk


Mergers and acquisitions (M&A) are one of the most important phenomenonsinfluencing dynamics of the world economy growth. At the same time, big numberof acquisitions turns out to be unsuccessful which induces one to examine reasonsfor failures and factors having influence on success of M&A. In the articlean attempt to systematize researchersí and specialists-practitionersí opinions onfactors that play a key role in acquisition success was made, as complexity ofM&A processes causes that only actions resulting from reliable analysis, that areafterwards well planned and carried out may bring results expected by the entities.

Going Private Economic Motives original article

pp. 71-85 | First published in 27 March 2007 | DOI:

Jarosław Kowalczyk, Lidia Makowiecka, Piotr Szczepankowski


The article presents main economic motives for going private strategies. Theproblem is presented from empirical point of view. We have also been interested inPolish cases of going private, which are presented in the last part of article.

Methodological and Practical Problems of Real Option Valuations original article

pp. 87-107 | First published in 27 March 2007 | DOI:

Paweł Mielcarz


The article deals with the problem of application the financial options valuationtheory into the real options valuation. It consists three parts. The first onepresents the methodology background of the financial option valuation models.This part gives the general outlook on the problems which occurs in the process ofadopting the methodology to solve the capital budgeting problems. The main problemconcerns the lack of market valuated instrument which could be used tocompose the replicating portfolio for payouts from real options. In the second part,there are presented attempts to solve the problem of the replicating portfolio of thereal options which appeared in the financial literature. There is presented theMarket Asset Declaimer as a one of the most appealing solution from the practicalperspective. The last part of the article discusses the application issues of differentanalytical tools. The conclusions indicate that binominal trees methodologyis more suitable to implement the real options methodology in decision processesthan other tools.

Some Economical and Informational Aspects of the e-Business original article

pp. 109-120 | First published in 27 March 2007 | DOI:

Zenon Biniek


In the article, it has undertaken the task of describing the most important economicand information processing aspects of the e-business. It has shown contemplationfor the topic of effects, which can occur in case with current initiating electronicnets of distribution and related with this, net business (Webeconomics). Besidesit has included the set of postulates, which, information system technologymust be implement, to equal e-business challenges. It has shown group of featuresof rich internet application.

Debt Collection Models and Their Using in Practice original article

pp. 121-136 | First published in 27 March 2007 | DOI:

Anna Wodyńska


An important element of a companyís credit policy is its attitude to collectingdue receivables. A company tries to establish the rules of collecting the said amountwithin the standards that are applied in a company. Depending on the organizationalstructure of a company, its scope of activity, common practices and, inparticular, the credit policy assumed by a company, enterprises use internal,external or mixed debt collection models.Internal debt collection model assumes conducting debt collection activitieswithin the organizational structure of a creditor company. External debt collectionconsists of ordering debt collection activities at a specialised company thathandles debt service (outsourcing), which is connected with acting on behalf andaccount of the ordering party, but it also consists of receivables trading.The choice of proper debt collection model is not easy, due to, among others,high costs of the process as well as necessary expertise knowledge in the said scope;and the products offered on the market, although they seem similar, do differsubstantially among one another.Regardless of the debt collection model, it shall be remembered that debt collectionshall be run in a manner that ensures consolidation of entrepreneurís goodname and their market position. The debt collection procedure binding ina company shall serve to work out a cooperation model with clients that are basedon buyerís reliability.


Methods of Employees Payments – Empirical Research Results original article

pp. 137-151 | First published in 27 March 2007 | DOI:

Henryk Król, Iwona Rafaląt


In this announcement, the empirical research results of methods of employeespayments are presented. The research was made in 232 Polish organizations,mainly in the limited companies. Empirical test included the middle industrycompanies, which realized their economic activities on the international markets.The research applied on amount of payments, their flexibility, basic and othersfactors of payment.